The long-awaited announcement is finally here: with block height 15537394, the Ethereum Merge or Ethereum 2.0 was finished successfully on Thursday, the 15th of September.
VanityBlocks and HashKey Capital have hidden secret messages for the users of the network in the first and last proof-of-work (PoW) and proof-of-stake (PoS) blocks.
The most complicated and eagerly awaited improvement in cryptography’s history was witnessed by the world. On September 15, the execution layer of Ethereum Mainnet and the consensus layer of the Beacon Chain were merged at last. It is indeed worth noting that by switching from proof-of-work (PoW) to proof-of-stake (PoS), Ethereum will use about 99.95% less energy overall.
There is just one transaction and one contract inner transaction in the most recent PoW block, which was created by F2Pool. Terence McKenna, an American mystic and ethnobotanist, is quoted in the statement of the transaction by VanityBlocks: “make the commitment, and nature will respond to that commitment by removing impossible obstacles. Dream the impossible dream and the world will not grind you under, it will lift you up. This is the trick.”
The remark actually refers to the dedication of Ethereum researchers, developers, organizers, customers, and other relevant parties in the completion of Ethereum 2.0. Additionally, Ethereum’s seamless shift from proof-of-work (PoW) to proof-of-stake (PoS) was made possible by years of continual development, updates, testing, and repairing.
Additionally, the reward for the initial proof-of-stake (PoS) block is 45.03 ETH, or more than $72,000. 1 contract internal transaction and 80 transactions are present in the block. The rewards for the succeeding blocks, though, are notably minimal.
The Ethereum ecosystem has changed its paradigm with The Merge. Now that the Merge has been finished, developers may concentrate on the Ethereum Roadmap’s Surge, Verge, Purge, and Splurge stages. The Ethereum ecosystem will become even more scalable, effective, quick, and secure as a result.
Following the smooth Ethereum Merge, Vitalik Buterin, another co-founder of Ethereum, praised the ecosystem members by saying: “and we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.”
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
The EIP-1559 burn mechanism will result in a decrease in the supply of Ethereum (ETH) that is currently in circulation. According to the latest figures, the Merge eliminated close to 200 Ethereum (ETH) supply from circulation.
Following the Merge, the price of Ethereum (ETH) dropped. The price of Ethereum (ETH) is 2% lower at $1,579. The market capitalization has also fallen to $193.71 bn by 2% as a result.